Skanska is planning a 44,000-square-foot office project in Beverly Hills, the third project for the global construction giant since it launched in Los Angeles County about a year ago.
Skanska acquired a site at 8633 Wilshire Boulevard in Beverly Hills, according to Commercial Observer, and will build a three-story office building on the site, for which CO said it paid $16 million.
The seller was a partnership between IAG Capital’s Isaac Gabai, Enzo Equities’ Amir Dar and Lucent Capital’s Adam Emrani.
This will be Skanska’s second project in Beverly Hills, with the firm beginning construction on a 46,000-square-foot project at nearby 9000 Wilshire Boulevard in October.
There’s been a fair amount of new activity in office development in the city. Lendlease just paid $92 million for a West Adams site where it’s planning a $600 million mixed-use development that will include 250,000 square feet of office space.
Lincoln Property Company and Goldman Sachs agreed to pay $186 million last month to acquire Hollywood 959, an office complex at 959 Seward Street in the Hollywood Media District.
But office leasing activity in the city remains in the doldrums: Just 10 million square feet of space was leased in all of 2020, down from 18 million square feet in 2019, according to Savills’ fourth-quarter office market report. That drop in leasing amounted to a year-over-year decline of 44 percent. [CO] – TRD Staff